SAUL B FRANCIS II - 11 Mar 2026 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role
Chairman & CEO, Director, 10%+ Owner
Signature
/s/ Carlos L. Heard, by Power of Attorney
Issuer symbol
BFS
Transactions as of
11 Mar 2026
Net transactions value
$0
Form type
4
Filing time
12 Mar 2026, 17:24:45 UTC
Previous filing
21 May 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
SAUL B FRANCIS II Chairman & CEO, Director, 10%+ Owner 7501 WISCONSIN AVENUE, 15TH FLOOR, BETHESDA /s/ Carlos L. Heard, by Power of Attorney 12 Mar 2026 0001027551

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFS Common Stock Options Exercise +8,000 +3.5% $0.000000* 236,154 11 Mar 2026 Direct F13, F14
transaction BFS Common Stock Award +4,000 +1.7% $0.000000* 240,154 11 Mar 2026 Direct F15
holding BFS Common Stock 35,062 11 Mar 2026 See footnote F1
holding BFS Common Stock 403,726 11 Mar 2026 See footnote F2
holding BFS Common Stock 533,756 11 Mar 2026 See footnote F3
holding BFS Common Stock 2,774 11 Mar 2026 See footnote F4
holding BFS Common Stock 146,218 11 Mar 2026 See footnote F5
holding BFS Common Stock 399,896 11 Mar 2026 See footnote F6
holding BFS Common Stock 357,901 11 Mar 2026 See footnote F7
holding BFS Common Stock 8,440,475 11 Mar 2026 See footnote F8
holding BFS Common Stock 6,989 11 Mar 2026 401K F9
holding BFS Common Stock 153,983 11 Mar 2026 401K F10
holding BFS Common Stock 179,536 11 Mar 2026 See footnote F11, F12

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BFS Performance Shares Options Exercise -4,000 -25% $0.000000* 12,000 11 Mar 2026 Common Stock 4,000 $0.000000 Direct
transaction BFS Performance Shares Options Exercise -4,000 -20% $0.000000* 16,000 11 Mar 2026 Common Stock 4,000 $0.000000 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $57.74 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $59.41 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $49.46 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $55.71 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $50.00 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $43.89 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $47.90 Direct
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Shares 2,500 $33.79 Direct
holding BFS Units 10,802,167 11 Mar 2026 Common Stock 10,802,167 Direct F16
holding BFS Phantom Stock 52,731 11 Mar 2026 Common Stock 52,731 Direct F17, F18, F19
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These securities are held directly by Van Ness Square Corporation ("Van Ness"). B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Van Ness and, as such, he may be deemed to beneficially own the securities held by Van Ness.
F2 These securities are held directly by Westminster Investing L.L.C. ("Westminster"). B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Westminster and, as such, he may be deemed to beneficially own the securities held by Westminster.
F3 These securities are held directly by Dearborn, L.L.C. ("Dearborn"). B. F. Saul Real Estate Investment Trust ("Saul Trust") is the sole member of Dearborn and, as such, it may be deemed to beneficially own the securities held by Dearborn. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.
F4 These securities are held directly by Avenel Executive Park Phase II, L.L.C. ("Avenel"). Saul Trust is the sole member of Avenel and, as such, it may be deemed to beneficially own the securities held by Avenel. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.
F5 These securities are held directly by SHLP Unit Acquisition Corp. ("SHLP"). Saul Trust is the sole shareholder of SHLP and, as such, it may be deemed to beneficially own the securities held by SHLP. Saul Company is the controlling equity holder of Saul Trust and, as such, it may be deemed to beneficially own the securities held by Saul Trust. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.
F6 These securities are held directly by B.F. Saul Property Company ("Saul Property"). B.F. Saul Company ("Saul Company") is the sole equity holder of Saul Property and, as such, it may be deemed to beneficially own the securities held by Saul Property. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of Saul Company and, as such, he may be deemed to beneficially own the securities held by Saul Company.
F7 These securities are held directly by the B.F. Saul Company. B. Francis Saul II is the Chairman of the Board and the Chief Executive Officer of the B.F. Saul Company and, as such, he may be deemed to beneficially own the securities held by the B.F. Saul Company.
F8 These securities are held directly by the Saul Trust. B. Francis Saul II is the Chairman of the Board and the majority equityholder and, as such, he may be deemed to beneficially own the securities held by the Saul Trust.
F9 These securities are held directly by a 401(k) plan of which Patricia E. Saul is a beneficiary. B. Francis Saul II is the spouse of Patricia E. Saul and, as such, he may be deemed to beneficially own the securities held by Patricia E. Saul.
F10 These securities are held directly by a 401(k) plan of which B. Francis Saul II is a beneficiary.
F11 Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 10,110.625 shares
F12 These securities are held directly by Patricia E. Saul. B. Francis Saul II is the spouse of Patricia E. Saul and, as such, he may be deemed to beneficially own the securities held by Patricia E. Saul.
F13 Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
F14 Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 10,483.331 shares
F15 Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
F16 Represents units of limited partnership interest in Saul Holdings Limited Partnership ("SHLP"), of which the Issuer is the general partner. In general, the units are convertible into shares of the Issuer's common stock on a one-for-one basis provided that, in accordance with the Articles of Incorporation of the Issuer, the right to convert may not be exercised at any time that the B. Francis Saul II, family members of B. Francis Saul II, entities controlled by B. Francis Saul II and other affiliates of B. Francis Saul II beneficially owns, directly or indirectly, in the aggregate more than 39.9% of the value of the Issuer's outstanding common stock and preferred stock.
F17 Shares of phantom stock are convertible into shares of the Issuer's common stock on a one for one basis.
F18 The terms governing the conversion of the phantom stock into shares of the Issuer's common stock are contained in the Issuer's Deferred Compensation Plan, a copy of which has been filed with the Securities and Exchange Commission as part of the Issuer's proxy statement for its 2019 annual meeting.
F19 Includes 2,969.588 shares awarded July, 31, 2025, October 31, 2025 and January 31, 2026 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.